Ready to sell, buy, or lease? Set yourself up for a successful experience with your broker by following these five tips:
1. Find the Right Broker
Does your broker specialize in the type of real estate you are looking for? There is a wide range of specialties in commercial real estate and you’ll want to be certain that your broker has the experience to find and negotiate the best possible deal for you. It is a good idea to interview brokers to find the best match. Look for someone who has expertise in your specific market, a personality you can get along with, and the ability to keep your objectives at the forefront of their mind.
2. Leverage Your Broker’s Expertise
Commercial real estate requires a lot of grunt work as well as a good deal of market competence. A qualified commercial property broker will save you time and money by using their experience and expertise on your behalf. Your broker will have access to professional marketing and search tools and a network of peers that will enable them to find the best deal for you as efficiently as possible.
3. Enter Into An Exclusive Agreement
Once you feel comfortable with a broker, don’t hesitate to make it official. The commitment associated with entering into an exclusive agreement might sound scary at first, but it actually works in your favor for a variety of reasons. Your broker will have a heightened incentive to give you exceptional service if they can trust that they won’t lose you as a client after they’ve dedicated their time and effort to you. An exclusive relationship changes your status from customer to client and that entitles you to additional duties from your broker such as loyalty and negotiation on your behalf. It can also help you avoid messy multiple-agency situations by making it clear from the start who has been designated to represent you.
4. Understand Your Role As Principal
You are the principal and your broker is your agent. As your agent, your broker owes you a fiduciary duty to perform in your best interest with honesty, fairness, and competence. Be open and honest when presenting your preferences and requests to your broker. The more direct your input, the better equipped your broker will be to represent you.
5. Put A Seasoned Negotiator to Work for You
Your broker lives and breathes their marketplace and will have acquired significant skill in the art of negotiating within their market. This is an invaluable asset to you, the client. Communicate to your broker what you intend to achieve and entrust them with doing what they do best – striking the best possible deal for you.